我国上市公司股利政策影响因素及其行为动因探讨

Study on Influencing Factors and Behavioral Motivation of Dividend Policy of Listed Companies in China

对股利政策的解释是金融领域最难解决的问题之一。对我国上市公司现金分红数据进行实证研究表明,股利政策既受到公司盈利能力、成长能力、现金能力等财务因素的影响,也受到大股东等利益相关者行为的影响,而且股利政策更倾向于是公司各股东间博弈的结果,应从行为金融学视角研究上市公司股利政策以弥补传统研究的缺陷。

The interpretation of divedend policy is one of the most difficult problem in the financial area.Through an empirical research by the cash dividend data of our listed companies,this paper finds that dividend policy is influenced by finance factors of profit ability,growth ability,cash ability and the behavior of large shareholders as well.Dividend policy is inclined to be a game result of kinds of shareholders,which reveals that traditional research defects should be made up from the behavioral perspective.